Tax demands of 13,446 crore raised under black money law

The government told Parliament on Monday that tax demands of 13,566 crore were raised during the last four years under the black money law to deal with undisclosed foreign income and assets. In a written reply to a question in the Lok Sabha, Minister of State for Finance Pankaj Chaudhary said 183 assessment orders were passed in 2021 -- 22 and a demand of 5,350 crore was raised under the Black Money Undisclosed Foreign Income and Assets and Imposition of Tax Act, 2015. In the four fiscals 2018 -- 19 a total of 349 assessment orders were passed and a demand total of 13,566 was raised. The minister also informed that 648 disclosures of foreign assets worth Rs 4,164 crore were made during three months of a one-time compliance window that closed on September 30, 2015, under the Black Money Undisclosed Foreign Income and Assets and Imposition of Tax Act, 2015, which closed on September 30, 2015. The amount collected by tax and penalty in such cases was about 2,476 crore. Chaudhary said that whenever black money comes to its notice, the income tax department takes appropriate actions as per the provisions of the Income Tax Act, 1961. Such actions include conducting and surveys, assessment of income, levy of tax, imposition of penalty and launching of prosecution, among others.